In recent times it has become clear to organizations that the handling of data is a very important matter, as the exposure or misuse of data are both a serious threat to an organization's financial standing and reputation, and must be accounted for in each organization's risk posture. In terms of high-profile data breaches, this year has been no different than previous years, seeing its fair share of ransomware attacks and data exposure.

Custom Damage Types provide users with the ability to add specific types of damages that will be taken into consideration as part of the modeling process when quantifying financial exposure. This means, organizations now have a unified view of costs that consider company specific data alongside out of the box modeled costs. Users will need to provide a range of possible costs and create a scenario that triggers assigned costs.

To get a handle on increased cybersecurity threats, businesses need to know what’s at stake. If you don’t know what you’re defending and what the implications of a cyber event could be, then it’s hard to make cybersecurity decisions. For example, you could be spending time and money on cybersecurity awareness training while your biggest vulnerabilities stem from third-party exposure.

Third party cyber risk can be a lot like the wild wild west - it’s hard to predict where your next loss will come from. We know that third-party cyber events can lead to millions of dollars of loss revenue, remediation costs, regulatory fines & more. That’s why Kovrr has made significant updates to their platform to help put a financial quantification on risk derived from your organization’s third parties.